Whether you are getting paid by a business for work that you have completed or paying a friend, being able to move money between accounts fast and seamlessly has become essential. Apps like Venmo, Betterment and Robinhood rely on users being able to move money in a few clicks without any headaches. The movement of money between accounts for these popular financial apps is enabled by Plaid, which makes it easy and secure for users to connect their bank account to send or receive money.

Known for its safe and reliable way for people to connect their financial data to apps, Plaid powers over 7,000 apps (including the likes of Venmo, Betterment and Robinhood). Paid has become instrumental in simplifying how people and businesses interact with their finances in today’s fast-paced world. The safe and frictionless movement of money is especially valuable for those solopreneurs and small business owners that are getting paid by multiple sources and need to move money into various different accounts. 

On a quest to make it as simple as possible for solopreneurs and business owners to operate in today’s environment, Lumanu is excited to announce that we now integrate with Plaid.  Those that get paid within the Lumanu network can connect their Lumanu wallets to any of the 7,000+ apps that are powered by Plaid. 

Broadening the number of financial institutions and financial management tools that you can connect your Lumanu wallet funds to is just another reason why all teams that touch Lumanu - from marketing & finance to the creators and freelancers - trust and love Lumanu.  

Fund Accounts Faster 

To see how this works, let’s say that you get paid from within the Lumanu network and want to fund a transaction in Robinhood to buy a stock that you think is about to pop - so timing of the transaction is imperative. 

Prior to Lumanu’s integration with Plaid, if you got paid within the Lumanu network and  wanted to fund a Robinhood transaction, you would need to follow the following process:

• Transfer the money from your Lumanu wallet to your bank account

• Wait for the money to clear into your bank account

• Transfer your money from your bank account into Robinhood 

This process requires multiple steps and could take a few days to complete. If you wanted to act quickly to buy a stock that you thought was about to pop, by the time you funded your Robinhood account to make the stock purchase, you may have missed the boat on the “stock-pop.” 

Since Lumanu now integrates with Plaid, anyone within the Lumau network can transfer funds from their Lumanu wallet directly into Robinhood or any of the other thousands of apps using Plaid. In the above scenario, once you connect your Lumanu wallet to Robinhood, you save the step of not needing to transfer your money from Lumanu to your bank and then into Robinhood - while reducing the length of time for money to appear in your Robinhood account. Since your money will be in your Robinhood account faster, you will be in a better position to buy that stock that you think is about to pop before it does! 

To connect your Lumanu wallet within Robinhood, simply go to the “account” tab and then click on “transfers” and then select “add account.” After you have done this, select "add a new account," (as pictured below) search for Lumanu and follow the instructions to finalize connecting your account. 

Why Our Integration with Plaid Matters  

As you have seen in the above example, moving money between accounts safely and seamlessly is essential. We understand that solopreneurs and small business owners that operate within the Lumanu network need to make regular transactions between accounts and people - and our new integration with Plaid enables you to do just that. 

If you aren’t yet a Lumanu customer and want to learn more about how we eliminate the complexity of managing and paying your freelancers and partners, schedule a demo with our team here.